Manika Plastech IPO Day 1: Total jumps 53.5% to 0.66x; Retail surges 55.6%
- Manika Plastech IPO Day 1 subscription closed at 0.66x, up 53.5% from the morning snapshot.
- Retail demand surged 55.6% to 1.12x, leading the category-wise breakdown.
- NII (bHNI) participation jumped 52.6% to 0.87x during the session.
- Qualified Institutional Buyers (QIB) remained unsubscribed at 0.00x.
- The issue is priced between ₹40.00000 and ₹43.00000.
*this image is generated using AI for illustrative purposes only.
Manika Plastech IPO subscription accelerated on Day 1, closing at 0.66x. Retail investors drove the momentum with a 55.6% intra-day surge to 1.12x, while Qualified Institutional Buyers (QIB) remained absent at 0.00x. The issue is priced in the band of ₹40.00000 to ₹43.00000.
Subscription Status
Demand picked up pace after midday, with the total subscription jumping 53.5% from the opening snapshot. Retail and Non-Institutional Investors (bHNI) provided the primary support, ticking up significantly during the session.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 11-09-2026 | 0.00x | 0.87x | 0.24x | 1.12x | 0.66x |
Intra-day Timeline
Subscription figures remained static in the early hours before accelerating sharply between 11:15 AM and 12:15 PM.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.57x | 0.72x | 0.43x |
| 12:15 | 0.00x | 0.87x | 1.12x | 0.66x |
Category-wise Breakdown
- Retail: 1.12x (jumped +55.6% today)
- Non-Institutional Buyers (bHNI): 0.87x (jumped +52.6% today)
- Non-Institutional Buyers (sHNI): 0.24x
- Qualified Institutional Buyers (QIB): 0.00x
- Employees: 0.00x
Offer Details
- Price Band: ₹40.00000 - ₹43.00000
- Issue Size: 14964 - 500000
- Min Bid Qty: 348
- Open Date: 2026-09-11 10:00:00
- Close Date: 2026-09-16 17:00:00
About the Company
Manika Plastech is a design-led, precision engineered, rigid polymer packaging manufacturing company. It caters to diversified critical industries such as energy storage, dairy and edible food products, paints, and chemicals. The company operates 7 facilities comprising 6 manufacturing facilities located in Dehradun, Hosur, Panipat, Una and Dadra, and 1 paint facility located in Hosur.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 435.98 | 406.50 | 360.77 |
| Total Profit | 22.40 | 19.33 | 11.53 |
| Total Assets | 323.69 | 320.99 | 252.93 |
Objects of the Issue
- Funding the capital expenditure towards purchase of plant and machinery: ₹54.93 crores
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company: ₹15.00 crores
- General Corporate Purposes
Risk Factors
- Customer Concentration Risk: The company derives 58%-69% of its operating revenue from its top five customers.
- Product Concentration in Battery Casings: About 54%-68% of revenue from operations is derived from battery casings sales during recent periods.
- Repeat Customer Dependency: The company derives 93%-98% of revenue from repeat customers.
- Interest Rate and Debt Service Risk: The company has significant borrowings (₹779.46 million as of July 31, 2026) with floating rate debt of ₹533.79 million.
- Raw Material Supplier Concentration: About 66%-80% of total purchases come from top five suppliers without long-term purchase agreements.
Will the complete absence of Qualified Institutional Buyers (QIBs) signal underlying valuation concerns that could hinder the IPO's final subscription status?
How might Manika Plastech's heavy reliance on battery casing revenue (54%-68%) expose it to volatility in the energy storage sector's growth trajectory?
Given the significant floating rate debt, how will rising interest rates impact the company's debt servicing capabilities post-IPO?
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